The card IS intended for 16-bit 286 motherboards but the first and most obvious problem is that the IBM PS/2 50 has a PGA 286 socket while this IO-Data fits an LCC socket.
There are interposers out there for this, which might also help with the 2nd problem which - as noted by others - is the clearance issue with other components around the CPU socket potentially obstructing the IO-Data card.
And then there might be firmware/BIOS incompatibility too, with the IO-Data stuff being designed for specific Japanese PC-9801 models, not regular PCs. Nonetheless, some people have gotten them to work.
If you do manage to get it to run, chances are it'll be limited to 10*2 = 20Mhz.
All things considered, it's probably gonna end up involving lots of trial and error, frustration, and possibly still not work in the end or perform relatively poorly. So I'd say definitely go for it as that is my idea of fun.